November 24, 2008
UCLA Anderson Team Defends Silver Shovel Title at UCLA/USC Real Estate Challenge
Winning proposal positions Universal City as a vibrant and robust urban destination
LOS ANGELES - A team of students representing UCLA Anderson School of Management defended their title as Silver Shovel award winners Thursday night at the 2008 UCLA/USC Real Estate Challenge held at UCLA's Pauley Pavilion. Presented by the National Association of Industrial and Office Properties (NAIOP), the annual event showcases the talents and creativity of the next generation of real estate leaders by posing a specific real estate case challenge to each school's team.
"We are very pleased to have partnered with NAIOP again on this outstanding event, which represents a tremendous educational opportunity for our students," said Tim Kawahara, executive director of the Richard S. Ziman Center for Real Estate at UCLA. "Our students and faculty advisor worked incredibly hard on this challenge and we are proud of their victory over an accomplished group of students from USC."
This year, the two teams examined Metro Studio@Lankershim (MSL), a real estate development project that will include television and production studios, retail and office space including NBC's future West Coast News Headquarters. Located at the Universal Metro Red Line station in Universal City, MSL will be designed and built in two phases as a transit-oriented, state of the art center to encourage the use of public transportation and high-tech job growth in the San Fernando Valley. Phase I of the project is the development of a site that will house NBC Universal's operations, production, news and local affiliates. The teams were asked to develop the Phase II portion of the project, for which a specific use has not yet been determined.
The UCLA team consisted of: Mike Brown, Julie Chapgier and Casey Lynch, three second-year MBA students; Albert Bernal, a fourth-year JD/MBA, and architecture student Andrew Kao. The team collaborated to develop the highest and best use for the property, focusing its efforts on positioning Universal City as a vibrant and robust urban destination, with a development that satisfies the needs of the key stakeholders in the project: users, investors and the community.
"Through this competition, our team had the rare opportunity to put the academic study of cutting-edge real estate development into a real world context," said UCLA team member Mike Brown. "In the past seven weeks, we spoke with CEOs of major development companies as well as nationwide experts on transit-oriented development, green building and mixed-use building projects. The level of thinking, collaboration and execution we needed to pull this off as a team created a transformative experience for us."
With an eye toward complementing the surrounding community and filling an underserved demand for a modern hotel and rental apartments, the UCLA team proposed a mixed-use development which they named The Gardens at 101 Cahuenga. Their plan consisted of three separate parcels containing a 225 room high-design urban hotel, a 360 unit rental apartment complex, and 30,700 square feet of project-serving retail. In addition to promoting Metro Red Line ridership, the team's proposal was also designed to interact with the Phase I site being built by NBC Universal across the street.
"The team did a remarkable job of creating a sense of place with 'around-the-clock' vibrancy to the Cahuenga corridor," said Paul Habibi, UCLA Anderson lecturer and team advisor. "By weaving synergistic uses into a challenging location, the team showcased their creativity and understanding of all the project's key constituents."
In its eleventh year, the NAIOP UCLA/USUC Real Estate Challenge celebrates the rivalry between the two schools, but more importantly, the competition draws attention to the robust real estate programs at both UCLA and USC, and the next generation of real estate talent. The winning team is awarded the Silver Shovel, a silver shovel inscribed with all past winners, and a $5000 cash prize. The UCLA Anderson team donated their cash prize to Challenge for Charity, UCLA Anderson's largest charitable organization.
About UCLA Ziman Center for Real Estate
The Richard S. Ziman Center for Real Estate, a joint center of the UCLA Anderson School of Management and the UCLA School of Law, was formed with a mandate to create and administer UCLA's activities surrounding the topic of real estate. The mission of the Center is to advance thought leadership in the field of real estate by generating influential research, educating the next generation of leaders, and providing meaningful forums for industry professionals and policymakers. Through its various programs and activities, the Center employs a multidisciplinary and global approach to addressing the most critical real estate challenges facing our society today and in the future.
About UCLA Anderson School of Management
UCLA Anderson School of Management, established in 1935, is regarded among the leading business schools in the world. UCLA Anderson faculty are advancing management thinking through innovative research and teaching. Each year, UCLA Anderson provides management education to more than 1,700 students enrolled in MBA, Executive MBA, Fully-Employed MBA and doctoral programs, and to more than 2,000 professional managers through executive education programs. Combining highly selective admissions, varied and innovative learning programs and a world-wide network of 36,000 alumni, UCLA Anderson prepares students to become global leaders.
Susanna Park, (310) 206-7707, firstname.lastname@example.org